Independent Banker - April 2021 - 38

Building an industry consensus
on faster global payments
APRIL 29
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While work continues on the domestic infrastructure, industry
groups have begun the drive toward global faster payments.
The U.S. Faster Payments Council (FPC) launched a cross-border
work group to identify what is needed to align the operating
policies and requirements of the currently disparate local faster
payments systems. The group recently issued a white paper
that dives into user-experience issues as well as interoperability
challenges that need to be addressed to deliver a faster crossborder
payments system. " Our cross-border working group
is opening the aperture a bit and helping everyone get an
understanding of what are the issues, what are some different
potential approaches and ideas that could resolve some of the
different nuances and complications that arise with cross-border, "
says Reed Luhtanen, the FPC's executive director.
Luhtanen encourages community banks to be intentional about
getting up to speed on the state of faster global payments and to
help shape what is to come.
" It's critical to get the information that's at the forefront of
thought, " he says. " Community banks are a critical group of
stakeholders in this discussion and dialogue and [are] a voice that
needs to be heard by technology providers, networks and large
financial institutions who sometimes are also providers of services. "
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Reserve has not announced plans
around global payments for its
real-time payments system FedNow.
The Clearing House, while having
noted the importance of cross-border
payments, has also not clarified
specifics around global transactions
on its RTP Network. However, both
entities have mentioned building on
the ISO 20022 standard with an eye
toward future developments.
" It's really critical to get the
foundational elements right, " Quibria
says. " Both The Clearing House
and the Federal Reserve want to
ensure these new payment market
infrastructures work domestically
before they expand globally.
Ultimately, The Clearing House's
real-time payments solution will
enable cross-border payments, and
we can assume the Federal Reserve
is positioning itself to do the same in
the future. "
Different paths to take
With the complexity of faster crossborder
payments, experts do not
anticipate a silver bullet solution.
Rather, they expect that these hurdles
will be addressed by a multitude of
options. Beyond facilitating more
straightforward, transparent and
expedient transactions through
existing and in-development systems,
industry leaders have also begun to
explore the concept of blockchain
technology for creating a new
method of exchanging value between
geographies. In fact, the FSB roadmap
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Independent Banker - April 2021

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